VANCOUVER, April 11, 2013 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) is pleased to announce the appointment of Stephen Keith as President
and Chief Executive Officer of the Company, effective immediately.
James (Jim) Clucas, the outgoing President and Chief Executive Officer,
has transitioned to Executive Chairman of the Company.
On his appointment, Mr. Keith stated, "I am pleased to be taking on this
exciting new role with a company poised for tremendous growth. Search
presents an exceptional opportunity for investors. Search controls an
entire rare earth district, with multiple targets containing
strategically important Heavy Rare Earth Elements; it has a positive
and robust PEA on its flagship Foxtrot Project, with a relatively low
capex; and it owns a processing technology, SALT, that, on its own,
could be a company maker. These assets, combined with a world class
Board of Directors and strategic shareholders, position Search for an
exciting future. Going forward, we will deliver value by focusing on
our current portfolio of assets and by actively looking for new
opportunities in strategic metals in friendly jurisdictions. Our goal
is to establish strong partnerships that will allow us to develop our
assets and move the Company towards cash flow."
Mr. Keith has worked on projects in more than 30 countries, with a focus
in Latin America. Mr. Keith was most recently a founder and the
President and Chief Executive Officer of Rio Verde Minerals Development
Corp. (TSX: RVD), a company he took from concept to listing onto the
TSX, with over $30 million completed in equity financings. Mr. Keith
led Rio Verde until its acquisition by B&A Fertilizers Limited on March
13, 2013. As an engineer, he has worked with mining and energy
companies on projects through feasibility studies, engineering design,
project management and construction. In finance and investment banking,
he has engaged in over C$2 billion in financings and merger and
acquisition deals for natural resource projects. Mr. Keith is a member
of the Board of Directors of Aura Minerals Inc. He holds a BSc, Applied
Science (Queen's University), an International MBA (York University,
Schulich School of Business) and a P.Eng. (Ontario and British
Columbia).
Jim Clucas stated, "I am pleased to welcome Stephen as the new President
and CEO of Search. Stephen has been an active Board member since his
appointment in September 2012, which will provide a seamless transition
into his new role. I am confident that Search will benefit from his
full-time dedication and significant experience in project development
and capital markets."
Mr. Clucas remains a Director of the Company and has also taken on the
role of Executive Chairman. Mr. Clucas was the President and Chief
Executive Officer of Search Minerals Inc. from September 2009 until
today. He was the Chief Financial Officer of Inco's Canadian operations
until 1984 and has been involved in the development of several mineral
deposits, including the Snow Lake Mine (High River Gold Mines), Montana
Tunnels (Pegasus Mining), and the Fenix Project (HudBay Minerals Inc.).
Mr. Clucas was the founder of International Nickel Ventures Inc. which
acquired and developed the Santa Fe/Ipora Nickel Laterite deposit in
Brazil.
In addition to his role as Director and Executive Chairman for Search,
Mr. Clucas will devote special attention to advancing business
opportunities for the Starved Acid Leach Technology ("SALT") technology
process. SALT has been recently awarded the United States Patent Number
8,361,191 with the title "Low Acid Leaching of Nickel and Cobalt from
Lean Iron-Containing Nickel Ores." Dr. David Dreisinger (Vice
President of Metallurgy and a Director) and Mr. Clucas are listed as
the inventors, with all patent rights assigned to Search. The SALT
process has already been through a bench and pilot plant program funded
by Votorantim Group in Brazil, and results to date have been
encouraging. The Votorantim Group has purchased a 50% option for the
rights to use the process in Brazil. In addition, bench scale
evaluation of a suite of nickel laterite samples from the Pomalaa
deposit of PT ANTAM (Persero) Tbk has been conducted via a service
agreement at the University of British Columbia Hydrometallurgy
Laboratory under the supervision of Dr. David Dreisinger. The results
of the testing have been forwarded to PT ANTAM for review and comment.
Search has been evaluating strategic alternatives to further develop its
Foxtrot Rare Earth Element Project ("Foxtrot Project"), located in
Labrador, Canada. The Company recently released the results of a
revised Preliminary Economic Assessment ("PEA"), which reinforced that
the Foxtrot Project has robust economics and high potential to become a
profitable producer of Rare Earth Elements ("REE"), particularly Dy, Tb
and Nd, outside of China. Search controls an entire heavy REE district,
with multiple known targets, which are strategically located
approximately 36 km east southeast of Port Hope Simpson, and
approximately 10 km west northwest of St. Lewis. The project is
accessible by all-season road, and the deep-water port and airstrip
facilities in St. Lewis.
In addition to focusing on its existing portfolio of projects, Search
will start to actively explore new opportunities in other strategic
metals in friendly jurisdictions, prioritizing projects that can be
partnered, funded and developed in a relatively short period of time.
The Company believes that getting to cash flow is key in current
markets. Tremendous potential exists within a selected group of metals
that are expected to continue to experience supply shortfalls in
strategic regions.
About Search Minerals:
Search Minerals Inc. (TSX-V: SMY) is a TSX-Venture Exchange listed
company. Search is the discoverer of the Port Hope Simpson REE
District, a highly prospective light and heavy REE belt located in
southeast Labrador, where the Company controls a dominant land position
in a belt 135 km long and up to 12 km wide. In addition, Search holds
a number of additional mineral prospects in Newfoundland and Labrador
in its portfolio, including claims in the Strange Lake Complex (where
Quest Rare Minerals has a Joint Venture with the Search); and at the
Red Wine Complex (where Great Western Minerals Group has a Joint
Venture with Search).
Furthermore, Search Minerals is the owner of patents related to the
Starved Acid Leaching Technology ("SALT"), a process with the potential
to economically recover nickel and cobalt from known deposits currently
considered sub economic.
Search Minerals is led by a management team and Board of Directors with
proven track records in the mining industry, with geological and
metallurgical teams led by Dr. Randy Miller and Dr. David Dreisinger,
respectively.
All material information on the Company may be found on its website at www.searchminerals.ca and at SEDAR at sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility of the adequacy or accuracy of this release.
Cautionary Statement:
This news release contains forward-looking statements that are not
historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially from these
forward-looking statements include those risks set out in Search's
public documents filed on SEDAR at www.sedar.com. Although Search believes that the assumptions and factors used in
preparing the forward-looking statements are reasonable, undue reliance
should not be placed on these statements, which only apply as of the
date this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. Except where
required by law, Search disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
SOURCE: Search Minerals Inc.
